OFFERING MEMORANDUM NEW CONSTRUCTION FOURPLEX PRIME NOHO ARTS DISTRICT NEIGHBORHOOD 5313 N RIVERTON AVE, NORTH HOLLYWOOD CA 91601 LIST PRICE: $2,499,000 CofO In Hand / Units leased /$163,200 annual actual rents 4.6% CAP RATE / 15.3 GRM SETH HAMILTON 714.397.6077 Seth@StreetlampPartners.com BRE# 01897619 Streetlamp Partners, Inc. is a managing partner in this development. All marketing information provided by Citivest Realty Services, BRE #01020312.
TABLE OF CONTENTS 01 11 14 THE OFFERING 2 Sample Finishes 5 Property overview 6 Site 7 Site plans 8 Floor Plans PROPERTY DETAILS 12 Rent roll/mlslisted rent comps 13 Publicly listed sale comps THE NEIGHBORHOOD 18 Schools 19 Featured Projects 22 Contact
THE OFFERING We are pleased to announce the offering of a new construction Green Certified fourplex in a prime North Hollywood Arts District neighborhood! This property is ready to sell with construction complete, the Certificate of Occupancy in hand and three of the four units leased! The fourth unit is listed for rent. This luxury fourplex offers 12 bedrooms and 11 bathrooms in four townhouse style units. All four untis have 3 bedrooms and either 2.5 or 3 bathrooms each. Each unit has an attached garage space, plus an additional uncovered parking space. All units are finished with high quality materials, private laundry rooms, open floorplans and modern upgraded kitchen appliances. They are equipped with separate meters for water, gas and electriciy as well as a fifth common area electric and water meter for servicing exterior lighting and landscape irrigation. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance, environmentally friendly property. This property is ideally located in a trendy North Hollywood neighborhood. It is just minutes away from shopping, arts, nightlife and dining at the NoHo Arts District. It is also centrally located by freeways and public transportation making it an ideal rental property. New construction four unit projects such as this are a great find and when available lease at higher rates than competing older properties. Actual rents for this property are strong bringing a 15.3 GRM and 4.6% Cap rate to the buyer. The developer is anxious to put this property into escrow ASAP. Don t hesitate to contact us with any questions or to submit an offer. 1
OPEN FLOOR PLANS QUALITY FINISHES 2 ACTUAL FINISHES
GREEN CERTIFIED LOW MAINTENANCE 3 SAMPLE FINISHES
PRIVATE LAYOUTS LUXURY LIVING 4 SAMPLE FINISHES
PROPERTY OVERVIEW THE PROPERTY: APN: 2416-011-033 # of Units: 4 Year Built: 2018 Building Size (SF): 5,554 Lot Size (SF): 5,400 Zoning: R3-1VL THE OFFERING: Price Range: $2,499,000 GRM: 15.3 Cap Rate: 4.6% Price per SF: $449.95 Price per Unit: $624,750 AMENITIES: Covered Parking: 4 Uncovered Parking: 4 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 5 ACTUAL FINISHES
SITE 6
SITE PLAN 7
PLANS first floor plan 8
PLANS second floor plan 9
PLANS third floor plan 10
PROPERTY DETAILS SUMMARIZED PRICING METRICS BUILDING DESCRIPTION PROPOSED FINANCING PRICE: $2,499,000 NO. OF UNITS 4 LOAN AMOUNT $1,674,330 DOWN (33%): $824,670 YR. BUILT 2018 INTEREST RATE 4.0% PRO FORMA GRM: 15.3 YR. RENOVATED - MONTHLY PAYMENT $7,994 PRO FORMA CAP RATE: 4.6% ZONING LAR3 LTV 67% $/UNIT: $624,750 LOT SIZE (SQ FT) 5,400 AMORTIZATION (YEARS) 30 $/SF: $450 GROSS SF 5,554 DSCR 1.21 ANNUALIZED OPERATING DATA ACTUAL ANNUALIZED EXPENSES ACTUAL FIXED EXPENSES GROSS ACTUAL RENTAL INCOME $163,200 REAL ESTATE TAXES 1.29% $32,237 GAIN (LOSS)-TO-LEASE $0 INSURANCE.35/SQ FT $1,944 GROSS SCHEDULED RENTAL INCOME $163,200 UTILITIES $918 LESS: VACANCY 3% -$4,896 EFFECTIVE GROSS INCOME $158,304 CONTROLLABLE EXPENSES LESS: EXPENSES $42,499 CONTRACT SERVICES $350/MO $4,200 MISCELLANEOUS INCOME $0 REPAIRS & MAINTENANCE $400/UNIT $1,600 NET OPERATING INCOME $115,805 UNIT TURNOVER $400/UNIT $1,600 DEBT SERVICE -$95,922.09 TOTAL EXPENSES $42,499 PRE-TAX CASH FLOW 2.4% $19,882.91 EXPENSES/UNIT $10,625 PRINCIPAL REDUCTION $28,948.89 EXPENSES/SQ FT $7.65 TOTAL RETURN 5.92% $48,831.80 % OF EGI 26.8% 11
RENT ROLL UNIT # STATUS UNIT TYPE UNIT SIZE PRICE / SQ FT SCHEDULED GROSS INCOME # FLOORS / UNIT PARKING LAUNDRY 5311 LEASED 3B/2.5B 1,290 $2.44 $3,150 3 2 GARAGE PRIVATE 5312 LEASED 3B/2.5B 1,535 $2.28 $3,500 3 2 UNCOVERED PRIVATE 5313 LEASED 3B/3B 1,336 $2.43 $3,250 3 2 UNCOVERED PRIVATE 5314 VACANT 3B/3B 1,393 $2.66 $3,700 3 2 GARAGE PRIVATE 4 LEASED 12B/11B 5,554 $2.45 $13,600 3 4 GARAGE / 4 UNCOVERED 4 PRIVATE ROOM PUBLICLY LISTED RENTAL COMPS ADDRESS STATUS UNIT TYPE YR. BUILT UNIT SIZE RENT $/SF LEASE/LIST DATE 5031 FAIR AVE ACTIVE 3B/2B 2016 1,485 $4,030 $2.71 4/27/17 11040 HESBY ST #102 ACTIVE 2B/2B 1986 904 $2,450 $2.71 3/30/17 5077 LANKERSHIM BLVD ACTIVE 2B/2B 2015 1,105 $3,500 $3.17 4/27/17 11059 MCCORMICK ST ACTIVE 3B/2B 2006 1,276 $3,675 $2.88 4/27/17 5440 TUJUNGA AVE ACTIVE 3B/2B 2006 1,363 $4,035 $2.96 5/2/17 5256 AUCKLAND AVE LEASED 2B/1B 1954 700 $4,050 $5.79 1/13/17 10844 HESBY ST LEASED 3B/2B 2016 1,200 $3,400 $2.83 COMPARABLE AVERAGE: 2000 1,154 $3,604 $3.12 SUBJECT PROPERTY: LEASED 2018 1,389 $3,400 $2.45 12
PUBLICLY LISTED SALE COMPS ADDRESS STATUS UNIT COUNT BED BATH COUNT YR. BUILT SQ FT PRICE GRM $/SF CAP RATE 10706 CAMARILLO ST SOLD 4 12B/14B 2017 5,498 $2,555,000 NA $464.71 1.6 10824 MORRISON ST PENDING 4 12 BD/ 11BT 2017 4,604 $2,300,000 NA $499.57 5.1 11214 MORRISON ST SOLD 6 10 BD/ 10 BT 2016 7,800 $3,150,000 15.20 $403.85 4.9 6119 FOUNTAIN AVE SOLD 6 11 BD/ 12 BT 2016 6,420 $2,960,000 NA $461.06 5.2 11312 HUSTON ST SOLD 14 37 BD/ 24 BT 2011 21,250 $9,000,000 15.71 $423.53 NA 1821 N VAN NESS AV SOLD 4 10 BD/ 10 BT 2017 5,935 $2,805,000 15.22 $472.62 NA COMP AVERAGE: 2016 $3,795,000 15.38 $454.22 4.2 SUBJECT PROPERTY: LEASED 4 12B/11B 2018 5,554 $2,499,000 15.31 $449.95 COMP $/SQ FT $454.22 SUBJECT SQ FT 5,554 SUGGESTED VALUE $2,522,752 COMP GRM 15.38 SUBJECT GROSS ACTUAL RENT $163,200 SUGGESTED VALUE $2,509,279 13
THE NEIGHBORHOOD LOCAL FAVORITES Rodini Park Greek.5 miles The Copper Still.8 miles The Fat Dog.5 miles NoHo Arts District.7 miles WALK SCORE WALK 68% BIKE 72% TRANSIT 54% DEMOGRAPHICS AFRICAN AMERICAN 7,259 ASIAN OR PACIFIC ISLANDER 11,700 INDIAN 811 MIXED RACES 1.972 WHITE 44,100 HISPANIC 91,700 14
AREA ATTRACTIONS NoHo Area Attractions NoHo Arts District Porto's Bakery & Cafe Bob's Big Boy Millennium Dance Complex North Hollywood Metro Station UrbanizeLA Development Coming Soon! Universal Studios Hollywood Warner Bros. Studios Hollywood Hills Hollywood Sign The Walt Disney Studios Griffith Observatory Hollywood Bowl Bob Hope Airport 5313 Riverton 5313 Riverton Ave 15
WALKING MAP - NOHO ARTS DISTRICT NoHo Area Map NoHo Arts District Walking Map Television Academy Lankershim Arts Center Theatre 68 El Portal The Federal Bar Ralphs TEAPOP Republic Of Pie NoBAR 5313 Riverton 5313 Riverton Ave Directions from 5313 Riverton Ave to NoBAR 5313 Riverton Ave Ralphs TEAPOP Lankershim Arts Center Television Academy El Portal The Federal Bar Republic Of Pie NoBAR 16
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SCHOOLS 1 Lankershim Elementary School.7 miles 2 Water Reed Middle School 1.52 miles 3 East Valley Senior High School.37 miles 4 Joyces Toluca Lake Preschool.3 miles 5 Kinderschicks.5 miles 6 Toluca Lake Elementary School.6 miles 7 St. Paul s First Lutheran School.8 miles 8 Oxnard Street Elementary School 9 The Wesley School.9 miles 10 Montessori Academy of NoHo.9 miles 11 Valley Montessori School 1 mile 18
6413 W LEXINGTON AVE, HOLLYWOOD 90038 N NEW CONSTRUCTION FOURPLEX LIST PRICE: $3,149,000 THE PROPERTY: APN: 5533-004-013 # of Units: 4 Year Built: 2018 Building Size (SF): 6,106 Lot Size (SF): 6,925 Zoning: RD1.5-1XL Turn key No rent control High cash flow 4.9% CAP RATE / 14.9 GRM THE OFFERING: List Price: $3,149,000 GRM: 14.9 Cap Rate: 4.9% Price per SF: $515.72 Price per Unit: $787,250 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 6413 West Lexington Avenue is centrally located in a prime Hollywood neighborhood. This property is a walker s dream with a 92 walk score. All your daily errands, dining, nightlife and shopping are within walking distance. Bike lanes and flat ground bring a 78 bike score making it safe to travel the area. It is also in close proximity to public transportation, and major freeways providing easy and convenient accessibility for daily commuting. This high-end, spacious project has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed March 2018. 19
636 N PARKMAN AVE, SILVER LAKE 90026 N NEW CONSTRUCTION FOURPLEX LIST PRICE: $3,599,000 THE PROPERTY: APN: 5401-026-017 # of Units: 4 Year Built: 2018 Building Size (SF): 6,612 Lot Size (SF): 7,101 Zoning: RD1.5-1VL Turn key No rent control High cash flow 4.7% CAP RATE / 15.5 GRM THE OFFERING: List Price: $3,599,000 GRM: 15.5 Cap Rate: 4.7% Price per SF: $544.31 Price per Unit: $899,750 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 636 North Parkman Avenue is centrally located in a trendy Silver Lake neighborhood. This property is in a good location with a 71 walk score with plenty of shopping,dining and nightlife in walking distance. It is also in close proximity to major freeways and public transportation allowing for ease of access in commute and area exploration. This project is ideally located in the mix of all prime Hollywood neighborhoods and areas, providing a mix of entertainment. This luxury, well layed out project has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed April 2018. 20
3400 W LONDON ST, SILVER LAKE 90026 N NEW CONSTRUCTION FOURPLEX PRICE RANGE: $3,149,000 THE PROPERTY: APN: 5401-010-001 # of Units: 4 Year Built: 2018 Building Size (SF): 6,066 Lot Size (SF): 6,109 Zoning: RD1.5-1VL Turn key No rent control High cash flow 4.6% CAP RATE / 15.6 GRM THE OFFERING: Price Range: $3,149,000 GRM: 15.6 Cap Rate: 4.6% Price per SF: $519.12 Price per Unit: $787,250 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 3400 West London Street is ideally located in a prime Silver Lake neighborhood. This property is very walkable with daily shopping, nightlife, arts and entertainment all in walking distance. It is in close proximity to major freeways providing easy commuting. It is just minutes from the popular Sunset Junction, downtown Hollywood and West Hollywood, as well as Griffith Park and the Hollywood Hills. This spacious, luxurious new construction building has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed April 2018 21
CONTACT INFO PLEASE VISIT: FOR MORE INFORMATION ON OUR UPCOMING PROPERTIES. Information Provided by: Seth Hamilton, BRE # 01897619 Citivest Realty Services, BRE # 01875823 2.5% Cooperating Broker Compensation The information contained herein is not a substitute for a thorough independent due diligence investigation. Owner/Developer/ Agent are not qualified to discuss or advise on legal, accounting, or other matters outside of those permitted by state law. Owner/Developer/Agent have not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property. 714.397.6077 SETH@STREETLAMPPARTNERS.com 22